Chainlink (LINK), one of the market’s significant altcoins, shows a price movement with bullish optimism. However, the existing lack of trading in LINK causes investors to approach the cryptocurrency cautiously. So, what is currently happening with LINK?
Current Status of Chainlink
Today, Chainlink’s price shows a positive outlook, with green candlesticks on the charts being noticeable. This situation also reflects in the Average cryptocurrency age indicator.
To briefly explain the average cryptocurrency age, it is calculated by determining the average age of all cryptocurrencies in circulation when examining a specific cryptocurrency.
This indicator can make it easier to evaluate investors’ investment habits and potential selling probability. The rise seen in the metrics can be interpreted as an indicator of existing HODLing.
Although the decline in network participation is generally considered a bearish indicator, the optimism in LINK seems to continue.
If this situation persists, the bullish sentiment in the altcoin could trigger a positive price movement, potentially leading to profits. The Global In/Out of the Money (GIOM) indicator revealed significant data. It shows that 182 million LINK, worth approximately $2.6 billion, is approaching profitability.
The supply approaching profitability consists of LINK purchased between $13.86 and $15.57. Considering the current price of LINK and $15.60, there is only a 6% difference, indicating this supply could soon become profitable.
Future of LINK Price
As of the time of writing, LINK’s price continues to trade at $14.51, following a 0.38% increase in the last 24 hours, and is attempting to turn the resistance at $14.45 into support. Confirming this level as support could initiate a move towards the resistance at $15.63.
The profitability of the mentioned supply could also trigger a larger upward movement and support investors’ desire for more profit.
On the other hand, there is also the possibility that LINK may not turn the $14.54 level into support. In such a scenario, LINK’s price could fall back to the $13.76 region. Such a decline could open the door to larger retracements, and LINK could drop to $12.93, invalidating the bullish outlook.
